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Economy in Eastern Asia

  • IMF upgrades Korean growth to 3%

    SOUTH KOREA, 2017/10/15 he International Monetary Fund (IMF) has adjusted Korea’s increase estimate for 2017 and 2018 upward to 3.0 %. On Oct. 10, the IMF released its World Economic Outlook statement, published each April and October, and revised Korea’s increase outlook for 2017 to 3.0 %, which is 0.3 % points higher than in the April statement. For 2018, the increase estimate went up 0.2 % points to 3.0 %. According to the Ministry of Strategy and Finance, the IMF’s revision of its economic increase outlook figures is based on improvements in world trade and the recovery of import request in mainland China.
  • UNDP chief: BRICS sends promising signal

    CHINA, 2017/09/04 Achim Steiner, United Nations Development Program (UNDP) Administrator told Xinhua here Wednesday that the BRICS nations together are sending a promising signal to the world in peace and development. Steiner said "I hope that through the BRICS summit, to be held next week in China's harbor city of Xiamen, these emerging economy nations could play their role in conference the large challenges humanity is facing." He said that the economic transformation in the completed decades have elevated these nations not only in economic term, but as well provided them a platform to influence the outcomes of world significance.
  • Iran signs biggest post-sanctions financial deal

    IRAN, 2017/08/26 Iran has signed a finance agreement worth 8 billion euros with South Korean Export-Import Bank (Exim Bank), the biggest transaction following the implementation of Joint Comprehensive Plan of Action(JCPOA aka nuclear transaction), which came into force in 2016. Under the transaction which was signed by chief of Iranian Investment Organization Mohammad Khazaie and Exim Bank executive director Younghoon Chang, the two parties agreed to allocate an 8-billion-euro credit line between the two nations, Iran’s national-run IRINN TV reported Aug. 24.
  • China's economy steadies on slower growth, better structure

    CHINA, 2017/08/15 Fresh data added to evidence that China's economy was heading for a slower but steadier increase as the country endeavored to sustain sound development while defusing risks. Next a strong rebound in the initial two quarters, data released Monday by the National Bureau of Statistics (NBS) showed increase of factory output, investment and consumption all slowed a notch from the previous month.
  • Taiwan Sustains Growth Momentum In Q2

    TAIWAN AREA, 2017/07/29 Taiwan's economic increase continued strong in the second quarter, albeit at a slower pace, official figures showed Friday. Gross domestic product grew 2.1 % year-on-year next a 2.60 % increase in the previous quarter. Economists had expected 2.2 % expansion.
  • Africa: G20 Should Build Digital Economy Friendly to Growth, Jobs - Xi

    CHINA, 2017/07/10 Chinese President Xi Jinping says the Group of 20 (G20) members should build a digital economy that is friendly to increase and employment. He made the remarks while attending the two-day G20 summit in the German port city of Hamburg. "We should actively adapt ourselves to digital evolution, foster new economic drives, advance structural reforms and promote integrated development of digital and real economy," said President Xi.
  • Indian economic diplomacy in the Belt and Road era

    CHINA, 2017/07/10 In May 2017, India curtly and publicly declined to attend Chinese President Xi Jinping’s Belt and Road Forum (BRF) in Beijing. India’s snub was both uncharacteristic and controversial, although not unexpected. On 13 May 2017, a day before the BRF plenary, a spokesperson for the Indian Ministry of External Affairs (MEA) provided a formal explanation for India’s absence from the forum. From the statement it seems clear that there is a wide gap between the Belt and Road Initiative (BRI) as it was understood by a lot of participants at the BRF, and as interpreted by India’s MEA and much of India’s policy elite.
  • Shanghai's GDP up 6.8 percent in Q1

    CHINA, 2017/06/20   SHANGHAI'S economy was off to a better-than-expected start with gross domestic product expanding 6.8 % from a year before to 692.28 billion yuan (US$100.39 billion) in the initial quarter, Shanghai Statistics Bureau said today. The pace was 0.1 % point faster than the same period of last year but 0.1 % point slower than the national average. "The city's economy grew steadily in the initial three months of this year, mainly fuelled by notable recovery in industrial output, robust domestic request inclunding improved export," said Ruan Qin, deputy director of Shanghai Development and Reform Commission.
  • Central SOEs do Belt and Road projects

    CHINA, 2017/06/20 NEARLY half of China’s centrally administered national-owned enterprises have participated in the Belt and Road initiative since it was launched in 2014, said Xiao Yaqing, chief of the National-owned Assets Supervision and Government Commission. Since the initiative was launched three years ago, 47 of the 102 central SOEs have invested in or built 1,676 projects in the nations and regions along the Belt and Road, Xiao said yesterday.
  • Corporate costs to be further reduced

    CHINA, 2017/06/20 CHINA’S National Council yesterday announced further measures to reduce corporate burden and vowed additional support for the country’s “Made in China 2025” plan. China plans to cut annual corporate costs by 120 billion yuan (US$17.4 billion) through measures such as lowering logistics costs and cutting business fees, according to a statement released following the National Council conference presided by Premier Li Keqiang.